still hasn't finished q.e., and yet we already have concerns about b. t.b.' >> one of the focus areas for the e.c.b. is this through the summer commitment on separates. how can we be talking about raising interest rates at all when you have these things happening in europe? people will kind of give italy the benefit of the doubt for now. clearly spreads have widened, but i think next year it is going to be very interesting when we talk about e.c.b. policy, how they manage the situation. >> and who leads the central bank as well. reports from germany that act la merkel is pushing for the top spot of the commission to be filled with a early german. i imagine there are bulls on the periphery that may be happy with that situation. matt, great to have you with us on program, jabanna and rob. we want to go to mark chess, of of 2 eagles, 10's and 30's have been up. the two-year yield, down by a single basis point. still' head, the final spread. a fresh round of data on the global trade war. this is bloomberg. ♪ >> i am jonathan ferro. this is "bloomberg real yield."